It's been a sad year for the Missoni family: First a plane carrying Vittorio Missoni, his wife, and other passengers went missing in January and has yet to be found; now we've learned that Ottavio ("Tai") Missoni passed away this morning at the age of 92. The founder of the iconic fashion label died in northern Italy. A statement issued by Missoni SpA via ABC News said he "passed away serenely" in Sumirago, Italy. It was his home town and near Varese, where the company headquarters are.

Missoni was born in 1921 in Ragusa, which is on the Dalmatian coast, and first became of celebrity status when he competed in the 1948 London Olympics in track and field. He won national medals and specialized in 400-meter races and hurdles.

It was through this sport that he met his wife, Rosita Jelmini (who survives him) at the games in 1948. They tied the knot in 1953 in Golasecca.

The pair formed their own business (her family already owned a textile factory) by creating knitwear in Gallarate. Their first pieces were athletic wear—which was potentially inspired by Missoni's sporty background. As their fashion house grew, they eventually brought in their children—Luca, Vittorio, and Angela—to help run the business in 1996. Angela is now the head designer. While the Missonis have lost a family member today, they will be getting a new one soon as Margherita Missoni is pregnant.

Our hearts and thoughts are with the Missoni family right now as we remember Ottavio's legacy.